Positioning itself as the 52nd globally and 11th best startup ecosystem in Asia-Pacific, Thailand has demonstrated strong development this year. Undoubtedly, Thailand has made significant progress toward becoming a more economically developed country as a result of several reforms and social improvements. Now ASEAN's second-largest economy, Thailand provides ample opportunities for startups to grow. In this article, we have compiled a comprehensive list of the top VC funds and angel investors in Thailand that may be the right funding partner for you.
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Why Should You Raise Funds in Thailand?
Here are some reasons why startups may consider raising funds in Thailand:
1. Governmental Support:
An encouraging ecosystem growth is usually a result of ample governmental support in the form of policies, grants, and programs. Since 2016, startup development has been a significant strategic policy for economic reform in Thailand. This is evident with the presence of initiatives such as the National Innovation Agency (NIA), a dedicated governmental agency that provides a range of programs and funding opportunities for startups and Startup Thailand, a government-supported program that organizes events and activities to promote entrepreneurship in Thailand, and Depa Digital Startup Fund, an initiative under the Ministry of Digital Economy and Society that provides grants up to 1M THB.
2. Global Interest
Thailand's startup scene has garnered attention from international investors, as well as foreign talent pool and foreign startup founders. With the introduction of the SMART Visa, the Thai government invites global investors, founders, and highly trained workforce into the Thai startup scene.
3. Market Expansion Potential:
Thailand is a unique and bustling market. Their growing economy is sizable, accompanied by a tech-savvy population that present strong opportunities for growth. Raising funds in Thailand allows startups to tap into this market, adapt their products/services to local needs, and scale their operations more effectively. Furthermore, there is also a big potential to penetrate into other Southeast Asian markets.
Venture Capitalist Funds in Thailand
The venture capitalist funds below are actively looking for investments in promising companies throughout various stages and sectors. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed.
Year of Inception: 2011
Stage: Seed
Focus: E-Commerce, Information Technology, Advertising, Marketing, Internet
Notable Portfolio: Steamchain Corp., Gheorg, Natral, Bellugg, Cloud Commerce
Originally hailing from Singapore, Expara is a leading venture development firm in Southeast Asia with presence in Thailand and Vietnam. They are not only involved in venture capital activities, but they also provide various acceleration and venture services. They collaborate with entrepreneurs and executives in public and private organizations to build entrepreneurial success through high-tech, high-growth companies.
Year of Inception: 2012
Stage: Seed
Focus: Technology
Notable Portfolio: Chilindo, Rabbit Care, Nutrition Technologies, Sirius, APX
Alpha Founders Capital is a venture capital firm that concentrates their investments in Indochina, particularly in Thailand and Vietnam. They invest in the late seed stages and focuses on industries of interest to Asian family conglomerates. As part of their portfolio, they will collaborate with founding teams, advise them on various key topics, and connect them to their network.
Year of Inception: 2006
Stage: Seed, Series A
Focus: E-Commerce, Software, Internet, Mobile, Information Technology
Notable Portfolio: Seekmi, Mercular, Priceza, Vexere, Ralali
Originating from Japan, CyberAgent Capital is a leading investment firm with eight established bases across Asia. They invest heavily in entrepreneurs as partners from the seed stage through the early stage of their businesses, providing specialized incubation skills to help startups expand quickly and steadily.
Year of Inception: 2012
Stage: Seed, Series A
Focus: Technology
Notable Portfolio: XCommerce, Sok Chan, Mali, Page365, Skootar
Established by a group of people that believe in innovative ideas and technologies, Galaxy Ventures invest in startups with technologies that can help people live better and easier lives. Their experienced team are dedicated to assisting their portfolio firms at every stage of startup journey and in overcoming any obstacles that may arise.
Year of Inception: 2002
Stage: Seed, Series A, Series B, Series C
Focus: Sector Agnostic
Notable Portfolio: Carsome, GogoX, AutoX, Beam, FutureHub, Deliveree
Located across 15 countries, Gobi Partners is one of the biggest Pan-Asian venture capital firm with US$1.6 billion in assets under management. Their entrepreneurs are frequently pioneers or early movers in new sectors and technology addressing Asia's most pressing issues. To date, they have invested in over 380 companies across key markets, resulting in 10 unicorns under their belt.
Year of Inception: 2020
Stage: Series A, Series B, Series C
Focus: Blockchain, Digital Asset, Metaverse, Web 3.0
Notable Portfolio: BlockFi, Axelar, Currencycloud, Seekster, Safe
SCB 10X was founded with the goal of establishing corridors for technological discoveries through exponential thinking and innovation. They invest in opportunities via two devices: venture capital and venture builder. They seek for enthusiastic and ambitious entrepreneurs who are building outstanding firms at the cutting edge of technology.
Year of Inception: 2010
Stage: Series A, Series B, Series C
Focus: Health & Wellness, Technology, Manufacturing, Food, Beverage & Hospitality, Distribution, Agriculture
Notable Portfolio: IBS Beauty, Criterion Asia Recruitment, Primal Health, Protanica
Stonelotus Ventures was founded with the mission to provide entrepreneurs and early-stage enterprises with growth capital and managerial depth to build value. Unlike typical venture capital funds, Stonelotus syndicates investors on a transaction-basis and act as a custodian on behalf of the investor pool, with Stonelotus' principals also co-investing in each business to ensure alignment.
Year of Inception: 2014
Stage: Series A, Series B, Series C
Focus: Manufacturing, Media and Publishing, Education, Technology and Communication, Medical, Agriculture and Livestock, Food, Pharmaceutical, eCommerce
Notable Portfolio: RoadHow, Rian English, Feed2Us
Unigin Ventures is a subsidiary of Thaiace Group, a Thai non-bank financial services company. Unigin was founded to assist Thai entrepreneurs grow through investment assistance and guidance in a variety of industries.
Year of Inception: 2014
Stage: Series A, Series B, Series C
Focus: Technology, Consumer, Healthcare, Finance, Enterprise
Notable Portfolio: Biofourmis, Love Bonito, Finnomena, Trade Gecko
Co-headquartered in Singapore and Jakarta with offices in Bangkok, Manila, and Ho Chi Minh City, Openspace Ventures invests in and supports startups in Southeast Asia. They invest in startups that have a disruptive impact where technology meets life. By leveraging Active Intelligence, they have helped portfolio firms in accelerating their advancement.
Year of Inception: 1988
Stage: Series A, Series B
Focus: Consumer, Enterprise, FinTech, HealthTech, AgriTech
Notable Portfolio: Abacus Digital, Sunday, Sirclo, Grab
With the goal to construct the next global giants in Southeast Asia and India, Vertex Ventures is dedicated to investing in firms and assisting entrepreneurs in addressing humanity's most pressing issues through technology. They work as trusted partners to entrepreneurs, providing unrivaled operational experience as well as deep access to the finance, talent, partners, and consumers required to establish global firms.
Year of Inception: 2011
Stage: Seed
Focus: Artificial Intelligence, eCommerce & Marketplace, Entertainment, Finance, Food, Insurance, Logistics, Media, Property, Sports, Islamic Digital Economy
Notable Portfolio: 99.co, Carousell, Carro, Glife, Hepmil, Oddle, Shopback
Since their founding, Quest Ventures has been focusing on an overall 'digital economy' strategy in Asia. They operate a few venture capital funds through which they invest in early-stage startups. Aside from venture capital activities, they also operate accelerator programs
as well as other corporate innovation and digital transformation initiatives.
Year of Inception: 2018
Stage: Series A, Series B, Series C
Focus: Consumer, Channel (Supply Chain), Enterprise
Notable Portfolio: Buzzebees, Happyfresh, Chope, 2C2P
Singha Ventures is the corporate venture capital arm of Singha Corporation and Boonrawd Brewery Group, a Thai conglomerate with presence in various food and lifestyle industries. Leveraging their well-established network of distribution network and retail touchpoints, they assist startups in accelerating their growth.
Year of Inception: 2017
Stage: Series A, Series B, Series C
Focus: E-commerce, Logistic, Fulfillment and Supply chain, Digital E-wallet, Online and Offline Payment, Blockchain, Lending, Robo and Wealth Advisor, Insurtech, Personal and Business Management, Artificial Intelligence/ Machine Learning, Cross Border Remittance, Cybersecurity
Notable Portfolio: Finnomena, Silot, Grab, Peak, ADDX, Baania
Krungsri Finnovate is the corporate venture capital arm of Bank Ayudhya, the fifth largest bank in Thailand. Their core mission is to provide investments in startups with a strategic connection to the bank's business. They work with startups through strategic partnerships to provide unique finance solutions and promote sustainable growth for the startups.
Year of Inception: 2017
Stage: Series A, Series B, Series C
Focus: FinTech, Consumer Internet, Enterprise Technology
Notable Portfolio: Alchemy, Carro, Digio, FlowAccount, Jitta, Workmate
Beacon VC is a corporate venture fund of the Kaisornbank, a top Thai commercial bank. They focus on strategic investments in early to growth-stage technology startups relevant to the bank's primary business across Southeast Asia. They aim to collaborate with startups to lay the groundwork for technological breakthroughs and improve business practices in the banking industry.
Year of Inception: 2017
Stage: Series B, Series C
Focus: Technology, Industrial Enterprise, B2B
Notable Portfolio: Baania, Ralali, Printerous, Janio, Seekmi
Backed by one of Southeast Asia's leading industrial conglomerates, Addventures is a corporate venture arm that invests in tech startups in the Industrial - B2B - Enterprise sectors. With operations in cement and constructions materials, chemicals, packaging, transport, and trade, SCG leverages their large network and resources in Southeast Asia to advance the growth of their portfolio firms.
Angel Investors in Thailand
The Angel investors listed below are part of an Angel community located throughout Thailand. They may act as an individual or as a syndicate to fund projects of their preference, so these networks are the best opportunity for you to find a potential Angel with an aligned vision and interests.
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: -
Thailand Business Angel Network (TBAN) is a group of angel investors who specialize in various sectors and have a wide range of expertise. Through the association, startups may get in touch with their angel investor members. The association also offers startup members activities such as startup development expertise, company incubation, mentorship, business matching, and pitching activities.
Though Thailand has only grown recently, the country has taken significant strides toward assuring the ecosystem can reach its full potential. With a concerted effort by ecosystem players and the government and given Thailand's strong economy, venture capitalists and angel investors have started to notice Thailand's enormous potential. Moving forward, the future appears to be bright for startups in Thailand.
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